Newmont Mining Earnings Top Estimates as Gold Costs Fall
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Newmont Mining Corp., which is said to have held merger talks this month with Barrick Gold Corp., reported first-quarter earnings that beat analysts’ estimates as gold costs declined.
Net income fell to $100 million, or 20 cents a share, from $314 million, or 63 cents, a year earlier, Greenwood Village, Colorado-based Newmont said yesterday in a statement. Earnings excluding one-time items were 22 cents a share, beating the 19-cent average of 17 estimates compiled by Bloomberg. Sales dropped 19 percent to $1.76 billion.